Group 1 - New Steel Co., Ltd. experienced a stock price increase of 5.49%, reaching 4.23 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 1.01%, resulting in a total market capitalization of 13.462 billion CNY [1] - The company, established on October 10, 2003, and listed on December 25, 1996, is located in Xinyu City, Jiangxi Province, and primarily engages in steel smelting, steel rolling, and the manufacturing and sales of steel products [1] - The main revenue composition of New Steel includes 89.63% from steel and steel strand sales, while other revenues account for 10.37% [1] Group 2 - Among the top ten circulating shareholders of New Steel, E Fund's ETF, E Fund CSI Dividend ETF (515180), entered the list in the third quarter, holding 19.8634 million shares, which is 0.63% of the circulating shares, with an estimated floating profit of approximately 4.37 million CNY [2] - E Fund CSI Dividend ETF (515180) was established on November 26, 2019, with a latest scale of 9.051 billion CNY, yielding 6.16% this year, ranking 3948 out of 4216 in its category, and 9.86% over the past year, ranking 3388 out of 3885 [2] Group 3 - The fund managers of E Fund CSI Dividend ETF (515180) are Lin Weibin and Song Zhaoxian, with Lin having a cumulative tenure of 12 years and 242 days, managing a total fund size of 122.692 billion CNY, achieving a best fund return of 81.77% during his tenure [3] - Song Zhaoxian has a cumulative tenure of 5 years and 57 days, managing a total fund size of 54.426 billion CNY, with a best fund return of 83.91% during his tenure [3]

Group 1 - The steel industry is focusing on carbon reduction as a core issue in its green transformation journey, with breakthroughs in Carbon Capture, Utilization, and Storage (CCUS) technology providing systematic solutions to the challenges posed by CO2 emissions during steel production [1] - The first full-chain CCUS demonstration project in the steel industry has been established at Baogang Group, which captures industrial waste gas and transforms it into usable resources, significantly improving local air quality and setting a technological foundation for similar projects in the future [2] - The CCUS technology is enabling the conversion of waste gases from steel production into "gas fertilizers" for agriculture, addressing the "carbon hunger" of crops and enhancing their growth and yield, exemplified by a 20% increase in tomato production when using gas fertilizers [3] Group 2 - The integration of CCUS technology represents a shift from single technological breakthroughs to a comprehensive upgrade of the entire industry chain, demonstrating the deep fusion of new productive forces and green development within the steel sector [4] - The advancements in CCUS not only contribute to China's dual carbon goals but also provide a model for low-carbon transformation in the global steel industry, showcasing "Chinese wisdom" in sustainable practices [4]

Core Insights - In the first three quarters of this year, Inner Mongolia's foreign exchange income and expenditure totaled 31.837 billion USD, indicating a continuous improvement in the ability of foreign exchange services to support the real economy [1] Group 1: Foreign Exchange Services - The People's Bank of China Inner Mongolia Branch facilitated 11,871 transactions for 119 quality enterprises, amounting to 26.7 billion RMB, with nearly 60% of capital project foreign exchange income achieving convenient payment [1] Group 2: Cross-Border Trade and Investment - Since the approval of the pilot program for multinational companies' integrated currency pool business, trial enterprises such as Yili Group and Baogang Group have transferred over 2.9 billion RMB through the fund pool, significantly enhancing their global fund allocation capabilities [1]

Group 1: Overseas Policy Insights - The recent China-US trade talks in Malaysia focused on key issues such as agricultural trade and fentanyl tariffs, indicating a constructive dialogue between the two nations [6][7] - The timing of these discussions before the APEC meeting is strategically significant, providing an opportunity for both sides to align their positions ahead of high-level meetings [6][7] Group 2: Company Analysis - iFLYTEK (科大讯飞) - iFLYTEK's Q3 performance showed a revenue of 60.78 billion yuan, a year-on-year increase of 10.02%, with a net profit of 1.72 billion yuan, up 202.40% [10] - The company is expected to achieve revenues of 277.48 billion, 329.06 billion, and 388.76 billion yuan from 2025 to 2027, with net profits projected at 10.09 billion, 12.97 billion, and 15.34 billion yuan respectively [12] Group 3: Company Analysis - Glodon (广联达) - Glodon reported a Q3 revenue of 14.86 billion yuan, a year-on-year increase of 4%, marking a return to growth [14] - The company anticipates revenues of 62.52 billion, 64.47 billion, and 66.71 billion yuan from 2025 to 2027, with net profits expected to be 4.83 billion, 6.14 billion, and 7.18 billion yuan respectively [15] Group 4: Company Analysis - Jinhui Liquor (金徽酒) - Jinhui Liquor's Q3 revenue was 5.46 billion yuan, down 4.89% year-on-year, with a net profit of 0.25 billion yuan, a decrease of 33.02% [17] - The company is focusing on enhancing its market share in the northwest region and improving its product structure [19] Group 5: Company Analysis - Great Wall Motors (长城汽车) - Great Wall Motors achieved a Q3 revenue of 612 billion yuan, a year-on-year increase of 21%, with a net profit of 23 billion yuan, down 31% [21][22] - The company expects to see significant growth in revenue from 2024 to 2026, with projections of 2371 billion, 3033 billion, and 3514 billion yuan respectively [24] Group 6: Company Analysis - Chifeng Gold (赤峰黄金) - Chifeng Gold reported a Q3 revenue of 33.72 billion yuan, a year-on-year increase of 66.39%, with a net profit of 9.51 billion yuan, up 140.98% [27] - The company anticipates EPS of 1.58, 1.89, and 2.22 yuan from 2025 to 2027, maintaining a "buy" rating [28] Group 7: Company Analysis - Beijing Blue Valley (北汽蓝谷) - Beijing Blue Valley's Q3 revenue was 59 billion yuan, with a net profit of -11.2 billion yuan [30] - The company is focusing on enhancing its brand value and product competitiveness through collaboration with Huawei [32] Group 8: Company Analysis - Nanjing Steel (南钢股份) - Nanjing Steel reported a Q3 revenue of 143.39 billion yuan, a year-on-year decrease of 8.16%, but a net profit increase of 40.02% [35] - The company is expanding its overseas operations, particularly in Indonesia, to enhance its production capabilities [35] Group 9: Company Analysis - Weisheng Information (威胜信息) - Weisheng Information achieved a revenue of 21.12 billion yuan in the first three quarters, a year-on-year increase of 8.80% [38] - The company maintains a healthy financial position with a strong order backlog, supporting future growth [39] Group 10: Company Analysis - CITIC Securities (中信证券) - CITIC Securities reported a revenue of 558.15 billion yuan and a net profit of 231.59 billion yuan for the first three quarters, reflecting a year-on-year increase of 32.7% and 37.9% respectively [42] - The company is expected to continue its growth trajectory, with projected net profits of 305.94 billion, 320.60 billion, and 343.46 billion yuan from 2025 to 2027 [44] Group 11: Company Analysis - Wens Foodstuffs (温氏股份) - Wens Foodstuffs reported a revenue of 757.88 billion yuan and a net profit of 52.56 billion yuan for the first three quarters, reflecting a slight decrease [46] - The company is adjusting its profit forecasts due to the low prices of live pigs impacting its performance [48] Group 12: Company Analysis - Huaxin Cement (华新水泥) - Huaxin Cement achieved a revenue of 250.33 billion yuan in the first three quarters, a year-on-year increase of 1.27%, with a net profit of 20.04 billion yuan, up 76.01% [50] - The company is focusing on overseas expansion to enhance its revenue potential [51]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit spread repair has spread to the medium and long - ends. Interest - rate bonds continued to fluctuate. Credit bond yields at all maturities and ratings decreased significantly, with larger declines at medium and long - ends. Credit spreads at all ratings converged, with more significant compression in 5Y and above varieties [2][5]. - Urban investment bond spreads generally declined by 5 - 6BP. Spreads of external rating AAA, AA +, and AA platforms decreased. By administrative level, provincial and municipal platform spreads decreased by 5BP, and district - county platform spreads decreased by 6BP [2][9]. - Most industrial bond spreads declined, while spreads of mixed - ownership and private real - estate bonds continued to rise. Central and state - owned enterprise real - estate bond spreads decreased, while those of mixed - ownership and private real - estate bonds increased. Coal, steel, and some chemical bond spreads decreased [2][18]. - The yields of secondary and perpetual bonds returned to a fluctuating pattern, with low - grade secondary bonds making up for losses. Yields and spreads of different maturities and ratings showed different changes [2][27]. - The 3Y excess spreads of industrial and urban investment perpetual bonds diverged, while the 5Y excess spreads were stable [2][31]. Summary by Directory 1. Credit Spread Repair Spreads to the Medium and Long - Ends - Interest - rate bonds fluctuated. 1Y, 7Y, and 10Y Guokai bond yields rose by 2BP, 3BP, and 1BP respectively, while 3Y and 5Y yields remained flat. Credit bond yields at all maturities and ratings decreased significantly, with larger declines at medium and long - ends. Credit spreads at all ratings converged, with more significant compression in 5Y and above varieties. Rating and term spreads also showed different changes [5]. 2. Urban Investment Bond Spreads Generally Decline by 5 - 6BP - By external rating, AAA platform spreads decreased by 5BP, AA + and AA by 6BP. Different provinces showed different decline ranges. By administrative level, provincial and municipal platform spreads decreased by 5BP, and district - county platform spreads decreased by 6BP [9][13][15]. 3. Most Industrial Bond Spreads Decline, while Spreads of Mixed - Ownership and Private Real - Estate Bonds Continue to Rise - Central and state - owned enterprise real - estate bond spreads decreased by 3 - 4BP, mixed - ownership real - estate bond spreads increased by 17BP, and private real - estate bond spreads increased by 37BP. Coal, steel, and some chemical bond spreads decreased [18]. 4. The Yields of Secondary and Perpetual Bonds Return to a Fluctuating Pattern, with Low - Grade Secondary Bonds Making up for Losses - 1Y AA + and AAA - grade secondary capital bond yields rose by 1 - 2BP, AA grade remained flat, and all - grade perpetual bond yields rose by 1BP, with spreads compressing by 0 - 2BP. 3Y AAA - grade secondary bond yields rose by 3BP, AA + grade by 1BP, AA - grade decreased by 2BP, and all - grade perpetual bond yields remained flat. 5Y AA + and above - grade secondary bond yields and spreads changed within 1BP, AA - grade spreads and yields decreased by 5BP; all - grade perpetual bond yields rose by 1 - 2BP, and spreads rose by 0 - 1BP [27]. 5. The 3Y Excess Spreads of Industrial and Urban Investment Perpetual Bonds Diverge, while the 5Y Excess Spreads are Stable - The 3Y excess spread of industrial AAA perpetual bonds decreased by 1.62BP to 13.89BP, at the 35.51% quantile since 2015. The 5Y excess spread remained flat at 12.39BP, at the 26.19% quantile. The 3Y excess spread of urban investment AAA perpetual bonds increased by 1.67BP to 6.64BP, at the 8.51% quantile; the 5Y excess spread decreased by 0.08BP to 11.00BP, at the 16.51% quantile [31]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and urban investment/industrial perpetual bond spreads are based on ChinaBond medium - short - term notes and ChinaBond perpetual bond data. Urban investment and industrial bond spreads are compiled and statistically analyzed by the R & D center of Cinda Securities. Historical quantiles are calculated since the beginning of 2015 [36]. - The calculation methods for individual bond spreads, excess spreads, and sample selection criteria are provided [38].

Core Insights - In 2025, China achieved a significant milestone in the iron ore sector with the first shipment of iron ore from the Simandou mine in Guinea to the Atlantic port via a railway constructed by China, marking a culmination of nearly two decades of investment [2] - BHP announced that 30% of its iron ore transactions with China will be settled in RMB, indicating a substantial advancement for the RMB in international commodity trading [2] Group 1: Historical Context and Market Dynamics - China has been the world's largest iron ore importer, heavily reliant on Australian suppliers, which has led to significant profit margins for companies like BHP, with prices soaring from around $100 to over $200 per ton in recent years [4] - The pricing mechanism, influenced by the Platts index, has historically favored Australian miners, leaving Chinese steel companies at a disadvantage [6] Group 2: Strategic Developments - In 2022, China established a dedicated mineral resources group to consolidate procurement needs of domestic steel companies, which was seen as a strategic move in the iron ore trading landscape [8] - Following negotiations with BHP, China proposed a significant reduction in the spot price for iron ore, leading to a temporary halt in purchases of BHP's iron ore priced in USD, which pressured BHP to accept RMB settlements [8][10] Group 3: Infrastructure and Resource Control - The Simandou mine is noted for its high-quality iron ore and is fully developed by Chinese enterprises, providing China with complete control over the mining, railway, and port infrastructure [12] - The expected annual output of 120 to 150 million tons from Simandou could match the total volume previously supplied by BHP, significantly altering the supply dynamics [13] Group 4: Financial and Economic Implications - BHP's acceptance of RMB for transactions is a critical step in reducing reliance on USD, with the global iron ore trade valued at over $1 trillion annually [17] - The establishment of the Cross-border Interbank Payment System (CIPS) has facilitated RMB transactions, covering 185 countries and increasing transaction volumes by 42% in early 2025 [17] Group 5: Military and Geopolitical Context - China's military maneuvers, including naval exercises near Australia, have been interpreted as a show of strength that complements its economic strategies in iron ore negotiations [19][21] - The combination of economic leverage, alternative resource supply, and military deterrence has positioned China to assert greater influence in global commodity markets [21] Group 6: Future Outlook - The developments in the iron ore sector reflect China's transition from being a price taker to a price maker in global markets, with the potential for a RMB-centered global resource trade system emerging [23] - The ongoing integration of electric arc furnace technology and increased scrap steel recycling is expected to further diminish dependence on imported iron ore, challenging Australia's market dominance [15]

Core Viewpoint - The successful integration of the "Wind-Solar-Storage" green low-carbon energy supply project at Jiangjing Special Steel Company marks a significant step towards achieving China's dual carbon goals, showcasing a strong collaboration between CITIC Pacific Energy and CRRC Zhuzhou Institute [3][5][7]. Group 1: Project Overview - The project features a 120MW/240MWh grid-connected high-voltage direct storage system, which is the first near-zero carbon steelmaking demonstration factory in China [3][5]. - It is expected to provide 0.75 billion kWh of green electricity annually, reducing carbon emissions by 62,400 tons [7][8]. Group 2: Technical Highlights - The high-voltage direct storage system developed by CRRC Zhuzhou Institute achieves an efficiency of over 92%, which is a 6% improvement compared to conventional low-voltage storage systems [10]. - The system can respond within 20ms to stabilize voltage and frequency during high-load operations, ensuring continuous production [11][12]. Group 3: Economic Benefits - The project is projected to generate an additional revenue of approximately 48 million yuan over its lifecycle due to reduced construction and equipment investment [10]. - The integration of the storage system is expected to enhance green electricity consumption by 168 million kWh annually, providing both visible and hidden economic benefits [15]. Group 4: Future Prospects - CRRC Zhuzhou Institute aims to replicate the successful model of Jiangjing Special Steel in more industrial parks, enhancing the capabilities of "park autonomy + multi-energy collaboration + carbon accounting" [16]. - The company plans to deepen the innovation and application of grid-connected storage technology to contribute to energy structure transformation and industrial decarbonization [18].

国泰海通晨报 2025 年 10 月 21 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【政策研究】："十五五"时期是我国迈向 2035 年远景目标的关键攻坚期，必须坚持以新质生 产力为核心驱动，通过科技创新和产业升级推动高质量发展，同时在复杂多变的国际环境中统筹 改革开放、安全发展与民生福祉。 2、【海外科技研究】海外科技：OpenAI 动作频频：再签 10GW 博通算力订单，布局底层硬件能 力；ChatGPT 接入沃尔玛、计划推出消费级硬件产品，持续探索更多商业模式。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 李明亮(分析师) 021-23185835 limingliang@gtht.com S0880525040001 纪尧(分析师) 021-23185836 jiyao@gtht.com S0880525040003 孙欣欣(分析师) 021-38038562 sunxinxin@g ...

Core Viewpoint - China's decision to suspend the purchase of BHP iron ore priced in USD marks a significant shift in the iron ore market, challenging the pricing power of Australian mining giants and indicating a new era of negotiations based on RMB settlements [2][24]. Group 1: Market Dynamics - On September 30, China Mineral Resources Group notified major steel mills and traders to halt purchases of BHP iron ore priced in USD, including already delivered cargoes [2]. - BHP's request for a 15% increase in long-term contract prices to $109.5 per ton is seen as unreasonable, given the prevailing spot price of around $80 per ton [4][6]. - China accounts for 75% of global seaborne iron ore imports, with an annual import volume exceeding 1 billion tons, yet it has historically lacked pricing power due to the concentrated supply from Australian mining companies [6][11]. Group 2: Financial Implications - From 2003 to 2008, international iron ore prices surged by 337.5%, costing Chinese steel companies over 700 billion RMB [8]. - In 2021, the average import price of iron ore reached $179.1 per ton, contributing $17.3 billion to BHP's net profit, while the entire Chinese steel industry projected a profit of only 70 billion RMB in 2024 [8][11]. - BHP's mining costs range from $18 to $24 per wet ton, allowing for a profit margin exceeding 150% when sold to China at prices above $100 [10]. Group 3: Strategic Shifts - The establishment of China Mineral Resources Group in 2022 consolidated procurement efforts among major steel companies, enhancing negotiation power against international mining firms [17]. - China's diversification of supply chains has reduced its reliance on Australian iron ore, with significant projects like the Simandou iron ore project in Guinea expected to come online by the end of 2025 [19][21]. - The shift towards RMB settlements for iron ore trade represents a strategic move to reclaim pricing power and reduce dependence on USD transactions [28]. Group 4: Market Reactions - Following China's suspension of BHP iron ore purchases, international iron ore prices fell by 3%, and BHP's stock dropped by 6%, resulting in a market capitalization loss of 5 billion AUD [26]. - Australia's economy, heavily reliant on iron ore exports to China, faces potential GDP declines of 1.2% due to the halted purchases [26].

Group 1: Report's Overall Information - Report Title: 3Y within General Credit Bonds and 3 - 5Y Tier 2 and Perpetual Bonds Spread Continues to Compress - Credit Spread Weekly Tracking 20251018 [1] - Report Date: October 18, 2025 [2] - Report Type: Special Report [2] Group 2: Report's Core Views - Interest rates are oscillating, and credit bonds continue to recover. The spreads of 1Y medium - low grade and 3Y medium - high grade bonds have significantly compressed. Credit spreads have generally converged, with short - duration spreads having a larger convergence amplitude. [2][5] - Urban investment bond spreads have generally declined by 4 - 5BP, with spreads of different external ratings and administrative levels all showing a downward trend. [2][9] - Most industrial bond spreads have declined, but the spreads of mixed - ownership real estate bonds have still increased. The spreads of central and state - owned enterprise real estate bonds have declined, while those of mixed - ownership and private real estate bonds have increased. The spreads of coal, steel, and chemical bonds have mostly declined. [2][20] - The yields of Tier 2 and perpetual bonds have all declined this week, and the spreads of 3 - 5Y bonds have continued to recover, with high - grade varieties performing better. [2][31] - The excess spread of 3Y industrial perpetual bonds has increased, while the excess spread of 5Y urban investment bonds has decreased. [2][34] Group 3: Summary by Directory I. Interest rates oscillate, and credit bonds continue to recover, with the spreads of 1Y medium - low grade and 3Y medium - high grade bonds significantly compressing - Interest rate bonds have maintained an oscillating pattern. The yields of 1Y, 3Y, 5Y, and 7Y China Development Bank bonds have increased by 1BP, 2BP, 1BP, and 2BP respectively compared to last week, while the yield of 10Y bonds has decreased by 1BP. [2][5] - Most credit bond yields have declined, and credit spreads have significantly converged. Short - duration credit spreads have a larger convergence amplitude. [2][5] - In terms of rating spreads, the spreads of different grades and terms have shown different changes. In terms of term spreads, the spreads of different grades and terms have also shown different trends. [5] II. Urban investment bond spreads have generally declined by 4 - 5BP - The credit spreads of external rating AAA platforms have generally declined by 4BP compared to last week, while those of AA+ and AA have both declined by 5BP. Spreads of platforms in different regions have different degrees of decline. [2][9] - In terms of administrative levels, the credit spreads of provincial platforms have generally declined by 4BP, while those of municipal and district - county platforms have both declined by 5BP. Spreads of platforms in different regions have different degrees of decline. [2][17] III. Most industrial bond spreads have declined, but the spreads of mixed - ownership real estate bonds have still increased - The spreads of central and state - owned enterprise real estate bonds have declined by 4BP, while those of mixed - ownership real estate bonds have increased by 46BP, and those of private real estate bonds have increased by 1BP. The spreads of some real estate companies have different degrees of change. [2][20] - The spreads of all grades of coal bonds have declined by 4BP; the spreads of AAA steel bonds have declined by 4BP, and those of AA+ have declined by 5BP; the spreads of AAA chemical bonds have declined by 4BP, and those of AA+ have declined by 5BP. The spreads of some companies have different degrees of decline. [2][20] IV. The spreads of 3 - 5Y Tier 2 and perpetual bonds continue to recover - The yields of 1Y Tier 2 capital bonds of all grades have declined by 1BP, and perpetual bonds have remained roughly flat, with credit spreads declining by 2 - 3BP. [2][31] - The yields of 3Y Tier 2 capital bonds of all grades have declined by 3 - 4BP, and the yields of perpetual bonds have declined by 2 - 3BP, with spreads compressing by 5 - 7BP. [2][31] - The yields of 5Y Tier 2 capital bonds of all grades have declined by 2 - 3BP, and the yields of all grades of perpetual bonds have declined by 3 - 5BP, with spreads declining by 3 - 6BP. [2][31] V. The excess spread of 3Y industrial perpetual bonds has increased, while the excess spread of 5Y urban investment bonds has decreased - The excess spread of industrial AAA 3Y perpetual bonds has increased by 0.99BP compared to last week to 15.51BP, at the 41.31% quantile since 2015. The excess spread of industrial 5Y perpetual bonds has remained flat compared to last week at 12.39BP, at the 25.90% quantile since 2015. [2][34] - The excess spread of urban investment AAA 3Y perpetual bonds has increased by 0.15BP to 4.97BP, at the 3.01% quantile. The excess spread of urban investment AAA 5Y perpetual bonds has declined by 3.39BP to 11.08BP, at the 16.73% quantile. [2][34] VI. Credit spread database compilation instructions - The overall market credit spreads, commercial bank Tier 2 and perpetual bond spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium - short - term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015. The credit spreads related to urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015. [39] - The calculation methods for various spreads and the sample selection criteria for industrial and urban investment bonds are provided. [41]